Thursday March 28th, 2024 5:10PM

Hall, other area counties included in Small Business Administration drought disaster declaration

By AccessWDUN staff

Federal disaster loans are available to small businesses, small agricultural cooperatives, and most private nonprofit organizations in Hall County because of the drought that began on Dec. 15, 2016.

In addition to Hall, most other counties in northeast Georgia are included.  (The full list of counties in Georgia included in the declaration can be found at the end of this story.)
 
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
 
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought.  

The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations and 3.125 percent for small businesses, with terms up to 30 years.  The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.  These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits, according to an SBA news release.
 
More information, including the loan application process, can be found at https://disasterloan.sba.gov/ela
.  Applications must be completed and returned to SBA no later than Oct. 23, 2017.

........................

ELIBIGLE COUNTIES:  Baldwin, Banks, Barrow, Bartow, Ben Hill, Bibb, Bleckley, Burke, Butts, Calhoun, Carroll, Catoosa, Chattahoochee, Chattooga, Cherokee, Clarke, Clay, Clayton, Cobb, Columbia, Coweta, Crawford, Crisp, Dade, Dawson, DeKalb, Dodge, Dooly, Dougherty, Douglas, Early, Elbert, Emanuel, Fannin, Fayette, Floyd, Forsyth, Franklin, Fulton, Gilmer, Glascock, Gordon, Greene, Gwinnett, Habersham, Hall, Hancock, Haralson, Harris, Hart, Heard, Henry, Houston, Jackson, Jasper, Jefferson, Johnson, Jones, Lamar, Laurens, Lee, Lincoln, Lumpkin, Macon, Madison, Marion, McDuffie, Meriwether, Monroe, Morgan, Murray, Muscogee, Newton, Oconee, Oglethorpe, Paulding, Peach, Pickens, Pike, Polk, Pulaski, Putnam, Quitman, Rabun, Randolph, Richmond, Rockdale, Schley, Spalding, Stephens, Stewart, Sumter, Talbot, Taliaferro, Taylor, Telfair, Terrell, Towns, Treutlen, Troup, Turner, Twiggs, Union, Upson, Walker, Walton, Warren, Washington, Webster, Wheeler, White, Whitfield, Wilcox, Wilkes and Wilkinson 

  • Associated Categories: Homepage, Business News, Local/State News, Georgia News
  • Associated Tags: Drought, Small Business Administration, SBA
© Copyright 2024 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.